Added by Stats. 2022, Ch. 257, Sec. 2. (AB 2293) Effective January 1, 2023. Operative January 1, 2024, pursuant to Sec. 4 of Stats. 2022, Ch. 257.
(a)The secretary shall solicit proposals for a package of environmental insurance products from insurance companies through a competitive bidding process.
(b)(1) The request for proposal prepared by the secretary shall identify the objectives of this chapter and the specific types and coverage limits of the insurance products desired, including endorsements and exclusions.
(2)The request for proposal shall require that the proposal allow a purchaser the opportunity to pay for additional coverage without losing the lower transaction costs structure of the prenegotiated policy.
(c)The
secretary shall hold at least one public workshop in both the northern and the southern part of the state to present and solicit comments on the request for proposal prior to receiving any proposals.
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